How do I private sell a car that I still have financing out on?
(2011-04-06 14:30:15) 1. Says: I have a Mazda 3 worth about 14k and I only owe 8.5k on it...so I know I'm in good shape there. The thing is that I won't be needing a vehicle for quite a while as I'm entering the Army and my training is going to take about 2 years time. The place where most of my training is taking place is in a small city near the base where I will just use a bike when I need to get around. So I need to sell my car but I'm not going to take it to a dealership as I won't be purchasing a new car. How do I do this without the title in hand?2. Says: If you are near a CarMax, the easiest thing for you is to sell it to them. They will give you a wholesale price (not $14k) but they will process all the paperwork and make sure it gets paid off. You can have it all done in about an hour.Other than that, call your bank first to find out what paperwork they require for a purchase payoff. Ask them how to process a payoff if you sell the car. They might direct you to a branch or someplace to process paperwork.
Check out your state's DMV website for additional info. Your state may have specific requirements to sell a car.
Understand the process in detail before you advertise the car. Potential buyers do not want to have to figure out what your bank wants for payoff paperwork. If you know exactly what to do, buyers will feel more confident buying your car.3. Says: You need to pay off the $8,500 regardless in order to sell the car.
If you don't have the money now, you and your buyer will need to go to your lender's office and work out the transaction there. They will give the check to buy the car (clear the lein) to your lender and whatever is leftover will go to you.
Don't expect a buyer to blindly hand you a check for $14K and then trust you to use it to pay off the loan and give them the title at a later date.4. Says: You will have to get permission from the lien holder who will want to ok the deal and/or have the money from the sale put in trust so they are ensured they will get their loan paid off first before the extra is given to you. Go talk to the lien holder about it before you put it up for sale and they will give you details on how they want it to be done.5. Says: Tell your lender your wanting to sell your auto and how long will it take to release your title......most lenders will finance the new buyer baised on good credit.......if your mazda e isn't a 2011 it is worth no where near 14k however.....we are buying 20k mile 2010 models for 11000.00 at all auto sales.......good luck....6. Says: You will have to do it all on the day. In bank i.e you get 14k for the car paid off 8.5k get the title and give the buyer the title and then your left with 5.5k and no money owing.7. Says: if your in uk and you have finance then its not your car to sell ..its owned by the finance company ..read your agreement ..sell it and you may kicked out of the army Tag: How do I private sell a car that I still have financing out on?